division is arranged. And take notice here, that what is true of this particular industrial process is true of all industrial processes. Am I right?"
Again the whole table agreed with Ernest.
"Now, suppose labor, having received its fifty dollars, wanted to buy back shoes. It could only buy back fifty dollars' worth. That's clear, isn't it?
"And now we shift from this particular process to the sum total of all industrial processes in the United States, which includes the leather itself, raw material, transportation, selling, everything. We will say, for the sake of round figures, that the total production of wealth in the United States in one year is four billion dollars. Then labor has received in wages, during the same period, two billion dollars. Four billion dollars has been produced. How much of this can labor buy back? Two billions. There is no discussion of this, I am sure. For that matter, my percentages are mild. Because of a thousand capitalistic devices, labor cannot buy back even half of the total product.
"But to return. We will say labor buys back two billions. Then it stands to reason that labor can consume only two billions. There are still two billions to be accounted for, which labor cannot buy back and consume."
"Labor does not consume its two billions, even," Mr. Kowalt spoke up. "If it did, it would not have any deposits in the savings banks."
